The cloud ERP market is evolving and growing

The global Cloud ERP market will grow from USD 87.73 billion in 2024 to USD 172.74 billion by 2029, at a compound annual growth rate (CAGR) of 14.5% during the forecast period, according to a new report by MarketsandMarkets.

Remote accessibility to Cloud ERP allows employees to securely access business applications, data, and workflows from any location with an Internet connection. This is vital for organizations with remote working policies or international operations and for smooth collaboration among departments. Cloud ERP offers real-time data synchronization, allowing employees to make informed decisions at the right time, increasing efficiency in financial management, supply-chain management, and customer service.

Cloud-based dashboards and mobile-friendly UIs also support increased accessibility, with users able to track key metrics and perform tasks remotely. This is particularly valuable in the manufacturing, retail, and supply-chain sectors, where real-time information on sales, inventory and operations is critical. In addition, Cloud ERP vendors use strict security protocols for secure remote access, such as encrypted connections and multi-factor authentication. As companies adopt hybrid work structures, the need for cloud-based ERP offerings with robust remote access features continues to expand.

The full-suite ERP segment is expected to dominate the Cloud ERP market during the forecast period owing to its integrated functionality, enabling businesses to manage their end-to-end operations within a single platform. Unlike standalone applications, cloud full-suite ERP combines key business functions such as finance, human resources, supply chain and CRM and features seamless data integration and real-time information. This combined approach improves operational efficiency, streamlines IT and decision-making and is an option for large business houses and growing organizations.

Adoption is encouraged by the growing demand for scalability, flexibility, and cost-effectiveness in cloud-supported operations. Organizations are transitioning from conventional on-premises models to integrated cloud-based ERP solutions to improve flexibility and remote access. In addition, sectors such as manufacturing, retail and healthcare are moving to full-suite ERP to simplify operations and enhance compliance. As digital transformation has become a key concern for companies, the market will see increasing demand for cloud-based bundled ERP solutions, boosting the full-suite segment in the market.